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Bridge Loans in Del Rey Oaks
Del Rey Oaks sits in one of California's tightest markets where sellers get multiple offers within days. Bridge financing lets you buy before you sell—critical when competing against cash buyers.
Most bridge loans close in 10-14 business days. That speed matters when a property you want won't wait for your current home to close escrow.
You need equity in your current property—typically 30% minimum. Lenders base approval on both properties combined, not your income.
Credit matters less than equity position. Most programs accept 620+ scores. Your existing home must be listed or have a credible exit strategy.
Bridge loans come from private lenders and specialty finance companies, not traditional banks. Rates run 7-10% higher than conventional mortgages because you're paying for speed and flexibility.
Terms run 6-12 months max. You'll pay origination fees of 1.5-3 points plus standard closing costs. Some lenders charge prepayment penalties, others don't.
Bridge loans work when your timing is off by 30-90 days, not six months. I've seen borrowers burn through equity paying double interest when their property sat too long.
Price your existing home aggressively. This loan type assumes a quick sale. If you're testing the market at a high price, bridge financing becomes expensive fast.
Hard money loans work similarly but focus on investment properties. Bridge loans specifically target homeowners moving between primary residences.
Some borrowers use a HELOC instead, but that requires monthly payments during the transition. Bridge loans often defer payments until your property sells or the term ends.
Monterey County properties move differently by season. Spring and summer see faster sales than winter. Factor that timing into your bridge loan term.
If you're moving within the county, some lenders offer slightly better terms since they're securing two local properties. They understand the market cycles here.
You refinance the bridge loan into a conventional mortgage or extend the term with fees. Most borrowers refinance or sell before the deadline.
Some lenders allow it if you have strong equity and credit. Most require an active listing or signed purchase agreement as proof of exit strategy.
Loan amounts equal your equity minus 25-30% buffer. A $600k home with $400k equity typically qualifies for $250-300k bridge financing.
Consult your tax advisor. Generally yes if both properties are primary residences and combined debt stays under IRS limits.
Budget 3-5% of loan amount. This includes origination points, appraisal, title insurance, and escrow fees for both properties.
Mortgage financing for independent contractors and freelancers who earn 1099 income instead of traditional W-2 wages.
Mortgage programs that allow borrowers to qualify based on liquid assets rather than traditional employment income.
Non-QM loans that use 12 to 24 months of bank statements to verify income for self-employed borrowers.
Debt Service Coverage Ratio loans that qualify investors based on a rental property's income rather than personal income.
Mortgage programs designed for non-US citizens and non-permanent residents who want to purchase property in the United States.
Asset-based short-term loans primarily used by real estate investors for property acquisition and renovation projects.
Mortgages that allow borrowers to pay only the interest for an initial period, resulting in lower monthly payments upfront.
Financing solutions tailored for real estate investors purchasing rental properties, fix-and-flip projects, or investment portfolios.
Home loans for borrowers who have an Individual Taxpayer Identification Number instead of a Social Security number.
Adjustable rate mortgages held in a lender's portfolio rather than sold on the secondary market, offering more flexible terms.
Non-QM mortgages that use a CPA-prepared profit and loss statement to verify income for self-employed borrowers.
Home loans with interest rates that adjust periodically based on market conditions after an initial fixed-rate period.
Specialized mortgage programs designed to support homeownership in underserved communities with flexible qualification criteria.
Mortgages that meet the guidelines and loan limits set by Fannie Mae and Freddie Mac for secondary market purchase.
Financing for building a new home or making major renovations, typically converting to a permanent mortgage upon completion.
Traditional mortgage financing not backed by a government agency, offering flexible terms and competitive rates for qualified borrowers.
Innovative loan products that leverage projected home equity growth to provide favorable financing terms.
Government-insured mortgages from the Federal Housing Administration with low down payments and flexible credit requirements.
A revolving line of credit secured by your home equity that allows you to borrow funds as needed during a draw period.
A fixed-rate second mortgage that provides a lump sum of cash by borrowing against the equity built in your home.
Mortgages that exceed the conforming loan limits set by the FHFA, designed for financing high-value luxury properties.
Loans for homeowners aged 62 and older that convert home equity into cash without requiring monthly mortgage payments.
Government-backed zero down payment mortgages for eligible rural and suburban homebuyers who meet income limits.
Government-guaranteed mortgages for eligible veterans, active-duty service members, and surviving spouses with zero down payment.